The 'Goods and Services Tax' rate on essential food items is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on essential food items is:

A. 5%

B. 0%

C. 12%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Essential food items are often at 0% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Ease of Doing Business Report' was published by:

A. IMF

B. World Bank

C. UNCTAD

D. WTO

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Correct Answer: Option B

Explanation:
The Ease of Doing Business Report was published by the World Bank.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Commission for Backward Classes' is constituted under which article?

A. Article 342

B. Article 338

C. Article 338B

D. Article 340

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Correct Answer: Option C

Explanation:
The National Commission for Backward Classes is constituted under Article 338B.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is the formula for calculating fiscal deficit?

A. Capital expenditure − Capital receipts

B. Total expenditure − Total receipts excluding borrowings

C. Revenue expenditure − Revenue receipts

D. Total expenditure − Total receipts including borrowings

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Correct Answer: Option B

Explanation:
Fiscal deficit = Total expenditure − (Revenue receipts + Non-debt capital receipts). It indicates the total borrowing requirement of the government.

This question belongs to: Economy GK Economy Set 1

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